Aura Silver Resources Inc. (TSX VENTURE:AUU) has reported that it completed an induced polarization and soil surveys on its newly discovered high grade gold and silver zone on its Greyhound property in Nunavut, 38 kilometers north of Baker Lake.
The 2010 summer and fall program included soil surveys and prospecting which indicated substantial anomalies in several areas, one of which is near Aura Lake. Here, a grid was installed and soil sampling and an IP survey completed in the same area that contains the previously reported gold and silver-enriched rock samples. These surveys cover 6 km2 and extend over a strike length of about 4 km. The rock samples contain an average of 14.8 g/t Au (range from 0.3 to 28.8 g/t) and 1,472 g/t Ag (range from 21 to 5,380 g/t). While the interpretations are preliminary, the IP survey delineated at least two cross-structures which occur in an area of approximately 2,000 meters by 1,500 meters. These correspond directly to the locations of high-grade gold and silver discoveries and to the distinctive soil anomalies as indicated by gold and related pathfinder elements. The Company's geophysical consultant, Laurie Reed, has interpreted a variety of IP chargeability zones that could indicate favorable structures for precious metals. Drilling in the Spring of 2011 will focus on these well-defined targets.
"The 2010 summer and fall exploration efforts around Aura Lake have narrowed our search for precious metals to the point where we have defined specific drill targets. The Company will begin drilling in early Spring of 2011 in the Aura Lake gold-silver prospect area, moving to drilling a newly discovered base metal and gold zones by the Fall, where prospecting, airborne EM and soil geochemical targets are already identified," said Robert Boaz, CEO. He added, "By completing this survey in the Fall as recommended by Aura Silver's technical staff we have fast-tracked our next drilling campaign to early Spring instead of a late Fall 2011 program."
Both surface high-grade gold prospects are underlain by an induced polarization anomaly. All high grade silver prospects lie along a northwest structural zone which is in part conductive as defined by a cross-cutting VTEM anomaly. Note that the gold in soil anomalies that continue south of Aura Lake by a further 4 kilometers have yet to be tested by IP. Numerous drill targets present themselves.
The Company's Greyhound property comprises 25,333 hectares located approximately 38 kilometers north of the community of Baker Lake and 46 kilometers south of Agnico-Eagle's Meadowbank mine. The Meadowbank mine contains proven and probable reserves of 3.7 million ounces of gold at an average grade of 3.5 g/t. Infrastructure is excellent; the all-weather road from Baker Lake to the Meadowbank mine crosses through the Greyhound property, lying within one kilometer of this gold/silver zone discovery.
Dr. James M. Franklin, P. Geo. is Aura Silver's qualified person (as defined by National Instrument 43-101) and has reviewed and approved the scientific and technical information in this press release. Rock and soil samples collected by Aura Silver have been analyzed by ALS Canada Inc. in Vancouver and Yellowknife, Canada.
Source: Aura Silver Resources Inc.